Thursday, June 21, 2018

It is widely known that cryptocurrencies started an unprecedented economic and financial revolution all over the world, as various tokens and countless blockchains slowly but surely swarm the world markets night after night. As if the Bitcoin wasn’t enough, we had to invent further assets such as Ripple, Ethereum, Dogecoin, Litecoin etc. Nowadays, almost each country with a strong economy backs some sort of crypto and so did Turkey – but only until recently. The country’s national Turcoin has turned out to be a typical example of a bogus scheme, as founders are believed to have fled with millions of U.S. dollars accumulated from defrauded investors and users.

Due to a large number of speculants and novice investors, it has become extremely easy to ignore important facts such as the distribution of dividends, which the company behind the Turkish token stopped earlier in June. After presenting it bravely as a “rival to the global virtual currency bitcoin,“ the executives completely disappeared from the face of the Earth, leaving each new participant in the network completely drained. The Turkish alternative cryptocurrency was launched by Muhammed Satıroğlu and Sadun Kaya, owners of an Istanbul-based company that earned revenues via pyramid programs, predestined to fail even at the very beginning.

Nonetheless, Turcoin’s value grew fast thanks to the program’s devoted participants and users, but the launch occured guess where – on a gala dinner last year, organized to promote the token. Many Turkish public figures attended the event, and, to make the entire event convincing, the company gave away 20 luxurious cars to the early adopters. Earlier in June, the investors stopped receiving paying bonuses, and, as you know, trying to desperately reach your partners in such scenarios usually ends up with: “the number you have dialed is no longer available“ or worse. One of the investors, whose name will not be published, has invested around 560,000 TL or $120,000 USD in Turcoin, never to see his funds again.

According to a local newspaper, the owners of Hipper have left Turkey with almost 1 billion TL stolen from more than one thousand defrauded financiers. Of course, a large portion of them were promised surreal monthly incomes of 250 TL (approximately $52) in return for an investment of 1,500 TL (around $315). Furious members of the project have reportedly raided the company’s premises after their attempts to communicate by telephone failed.